Giving Compass' Take:

• Three foundation leaders share their perspectives on how to build inclusive growth in small business recovery during and after COVID-19. 

• How is your philanthropy supporting small businesses in your community? 

• Read more about the potential for recovery of small businesses. 

The destruction COVID-19 has wrought on small business is astounding. If we are going to recover fully—and even bounce forward to a more equitable future—we need small businesses to be front and center in our recovery efforts. Research highlights the crucial roles small businesses play in building healthy communities and a more inclusive economy. As we continue to navigate the impacts of COVID-19, small businesses are more important than ever—and every institution must do its part to support Main Streets in every community.

While the federal government has a responsibility to do more, we need all our institutions to focus on helping small businesses rebuild better. In addition to the PPP, we've seen cities respond with small business relief funds. We’ve seen fintechs, technology and other corporations step up their giving, and even philanthropy is getting in the game. For example, PayPal announced a $530 million commitment to support Black business, strengthen minority communities and fight inequality. We need all this and more.

Some leading philanthropic foundations are already heeding the call. For example, recognizing the urgency of the COVID-19 moment, the Rockefeller Foundation has launched a collaborative to promote inclusive growth in 10 cities, focused on protecting communities from displacement and eliminating barriers to access capital and credit among low-wage workers and small businesses operated by women, Black and Latinx owners.

To better understand this critical moment, I asked three respected leaders how they’re thinking about the role of philanthropy in supporting small businesses. Here are some highlights from our conversations.

Robert Wood Johnson Foundation — Shuma Panse, Senior Program Officer

As the nation’s largest philanthropic institution dedicated solely to health, the Robert Wood Johnson Foundation (RWJF) brings a unique perspective to the conversation about small businesses. “As a public health foundation we know that both wealth and income influence health, and believe that a strong small business ecosystem will ultimately lead to healthier, thriving communities,” Shuma told me.

Read the full article about how foundations can support small businesses by Rhett Buttle at Forbes.